Personal Finance Daily

Personal Finance Daily -- Nov. 6

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TODAY'S PERSONAL FINANCE STORIES

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Baby Boomers will change a lot of the ideas of retirement, as they have changed many other social and economic patterns since World War II. But one thing that even that generation of 76 million isn't going to be able to repeal is the notion that retirement will require a substantial nest egg. Without that financial security, those who will be retiring over the next 25 years or so will not be able to participate in much of the retirement-life revolution. It seems obvious, of course, but in the coming years it could create an even greater divide between the haves and the have-nots, not to mention cheat many Americans out of what should be their most personally fulfilling times. Our retirement newsletter writer, Robert Powell, explores the future for what he calls Generation R in his column today. Read it, along with a look at what Francis Ford Coppola views as the city of the future, on our Personal Finance pages.

For one thing, the whole idea of working in retirement is going to be remade by the boomers. But no matter how you look at it, it's going to feel a whole lot better if that working is by choice and not out of necessity.

Steve Kerch, personal finance editor

Retirement: It's not just about the money any longer

This is not your father's retirement. Time was when there were three phases to your life -- school, work and leisure. Sure, many cynics say there were really just two phases -- work and death. But no matter the number, that was then and this is now. Research firms and others are talking about a new kind of retirement -- a retirement and pre-retirement in which there are multiple phases, driven in large part by a person's passions, legacy desires, health, and economic needs. See Robert Powell

Coppola's future-city vision grounded in the present

You might not think the director who brought "The Godfather" to life or re-created Vietnam in "Apocalypse Now" could harbor grander plans. But Francis Ford Coppola has one vision that even the big screen can't hold. See Resident Authority

Roundup of firms implicated in funds scandal so far

The mutual fund industry is under fire, but allegations of improper trading to date have been leveled at nine specific fund companies. On ethical grounds, influential research firm Morningstar and others are now advising investors to avoid these tarnished fund managers. "There's just no reason to be in partnership with a less than ethical firm," said Peggy Ruhlin, a principal with financial advisers Budros & Ruhlin in Columbus, Ohio. "You've got to feel that the people you're entrusting your money to have their shareholders' best interests at heart." See Mutual Understanding

Senators push fund reform bill

Legislation to reform the mutual fund industry was introduced Wednesday in the Senate amid a flurry of regulatory charges against the $7 trillion dollar industry. Sponsored by Sens. Daniel Akaka, D-Hawaii, Peter Fitzgerald, R-Ill., and Joe Lieberman, D-Conn., the legislation aims to tighten fund governance and shed light on financial dealings of fund managers and brokers that sell funds. See full story

Funds under indictment -- from America's investors

"The mutual fund industry is now the world's largest skimming operation," said Sen. Peter Fitzgerald at this week's Congressional hearings, "a $7 trillion trough from which fund managers, brokers and other insiders are steadily siphoning off an excessive slice of the nation's household, college and retirement savings." See SuperStar Funds

Newsletters outraged but unscathed by funds

Investment letters are outraged by the mutual find scandals, but perhaps significantly, seem unscathed by them. See Peter Brimelow

Democrats have more Medicare drug-bill qualms

Senate Democrats ratcheted up their criticism Wednesday of House-Senate negotiations on a Medicare drug benefit, accusing Republican leaders of pursuing an ideologically driven bill that would be unlikely to pass the narrowly divided Senate. See full story

U.S. Senate passes ID theft bill

The Senate on Wednesday approved legislation to strengthen protections against identity theft. By a vote of 95 to 2, the Senate cleared the measure allowing consumers to receive free annual credit reports from the three national credit bureaus. The bill would also give consumers the power to place fraud alerts on their credit files if they suspect that fraud has occurred. See full story

Hedge against U.S. dollar decline with Canadian stocks

The Canadian dollar has made big gains on the U.S. dollar in the past year or so, rising from around 63 cents U.S. per Canadian dollar to recent highs above 76 cents. Some futures traders see this as the start of a major turnaround. However, the Canadian dollar has gained from an unprecedented clump of good news. See The Guru's Corner

Profit succeeds by finding 'mispriced' businesses

Eugene Profit looks for solidly growing companies that he believes other stock investors have mistakenly undervalued. See The Stock Pickers

Underemployment tips

Strong growth in the third quarter hints that the economy may be finally emerging from its doldrums. Job creation, however, has remained stubbornly weak. While many Americans have been unemployed, even more have been "underemployed." Underemployed Americans have taken part time or temporary work, often for a lower salary than they are used to. See Marshall Loeb's Daily Money Tip

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